Coinbase Unveils Fast AI Agent Tool for Crypto

Coinbase, a top cryptocurrency exchange, has unveiled a new AI tool called "Based Agent" that helps developers create AI agents more easily. This tool aims to meet the growing demand for AI capabilities within the crypto world.

On October 26, Coinbase's developer Lincoln Murr introduced the "Based Agent", designed to make AI agent creation faster and simpler. Coinbase CEO Brian Armstrong emphasized the tool’s speed, allowing users to set up AI agents in under three minutes, including integrating a crypto wallet.

Developers using this tool can create AI agents with wallets and full on-chain functionality on Base, Coinbase’s Layer-2 (L2) network. These agents can carry out various blockchain tasks, including trading, swapping, and staking.

Murr highlighted that Coinbase aims to make AI agent creation accessible for all. Built with Coinbase's software development kit (SDK), the tool also integrates technology from OpenAI and Replit. To get started, developers need API keys from Coinbase and OpenAI and a customized Replit template. The Based Agent can be tailored to meet specific needs, such as linking with smart contracts or managing staking activities.

The tool’s support extends beyond Coinbase’s Base network, with compatibility for multiple blockchain ecosystems like Ethereum, Polygon, and Arbitrum. Additionally, developers can add an X-bot feature to their agents, providing further customization options.

On the security front, Murr assured that Based Agent uses Multi-Party Computation (MPC) wallet technology. This method splits the private key between Coinbase and the developer, enhancing the safety of the wallet. Coinbase's move aligns with the broader trend of AI agents gaining popularity in the crypto sector. These AI tools are changing the way on-chain activities are managed, with significant interest following the rise of Terminal of Truths, an AI agent popular among crypto investors.

In a recent blog post, Coinbase Ventures detailed its vision for blending AI with crypto, suggesting that blockchain can boost AI development by making the technology more transparent and accessible. This synergy could pave the way for what they call the “Agentic Web,” where blockchain-powered AI agents drive new economic opportunities in the digital realm.

Coinbase Ventures sees this convergence as a way to empower users, allowing them greater control over their personal data and interactions within the digital economy.